Summary
TechnipFMC plc (FTI) reported a revenue of $6.7 billion for the fiscal year ended December 31, 2022, a modest increase of 4.6% from the previous year, driven by stronger performance in its Subsea and Surface Technologies segments. The Subsea segment experienced a revenue increase of 2.5% to $5.46 billion, supported by higher project and services activity, particularly in Brazil and the UK, and a significant 36% rise in inbound orders to $6.74 billion. The Surface Technologies segment saw a more robust revenue growth of 15.3% to $1.24 billion, primarily due to increased operator activity in North America and resilient international markets. The company reported a net loss of $107.2 million for the year, a significant shift from the $13.3 million net income in 2021. This was largely influenced by a $27.7 million loss on its investment in Technip Energies and a $29.8 million loss on early extinguishment of debt, alongside other operational factors. Despite the net loss, the company's operating profit from continuing operations improved significantly year-over-year, with Subsea operating profit more than doubling to $317.6 million and Surface Technologies operating profit increasing to $58.3 million. TechnipFMC also announced plans to initiate a quarterly dividend in the second half of 2023, signaling a focus on returning value to shareholders.
Financial Highlights
54 data points| Revenue | $6.70B |
| Cost of Revenue | $5.79B |
| Gross Profit | $907.10M |
| R&D Expenses | $67.00M |
| SG&A Expenses | $616.80M |
| Operating Expenses | $6.50B |
| Operating Income | $375.90M |
| Interest Expense | $138.70M |
| Net Income | -$107.20M |
| EPS (Basic) | $-0.24 |
| EPS (Diluted) | $-0.24 |
| Shares Outstanding (Basic) | 449.50M |
| Shares Outstanding (Diluted) | 449.50M |
Key Highlights
- 1Revenue grew 4.6% to $6.7 billion in 2022, driven by strong performance in both Subsea and Surface Technologies segments.
- 2Subsea segment inbound orders increased by 36% to $6.7 billion, reflecting market recovery and growth in deepwater developments.
- 3Surface Technologies segment revenue rose by 15.3% to $1.24 billion, fueled by increased drilling and completion activity, particularly in North America.
- 4The company reported a net loss of $107.2 million for 2022, compared to a net income of $13.3 million in 2021.
- 5Operating profit for the Subsea segment more than doubled to $317.6 million, and Surface Technologies operating profit increased to $58.3 million.
- 6TechnipFMC has announced its intention to initiate a quarterly dividend in the second half of 2023.
- 7The company ended the year with a robust order backlog of $9.35 billion, up from $7.66 billion in the prior year.